Benton Acquires Stake in Oil, Gas Properties
Benton Oil & Gas Co., an Oxnard-based energy concern, said it acquired additional working interests in oil and gas properties in Louisiana, California and Texas for 213,957 shares of Benton common stock, valued at about $2.7 million. The name of the seller was not disclosed.
The acquisition includes a 2% working interest in the West Cote Blanche Bay field in Louisiana, bringing Benton’s total interest in the field--its largest asset--to 43%.
Benton said the properties that it acquired will increase its total oil reserves by about 1 million barrels, or 5.5%.
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